Good Times(GTIM) - 2026 Q1 - Quarterly Results

Financial Performance - Total revenues for the first fiscal quarter of 2026 were $32.7 million, a decrease from $36.3 million in the same quarter of fiscal 2025[6] - Net income attributable to common shareholders was $0.2 million ($0.02 per share) for the quarter, compared to $0.164 million in the same quarter of fiscal 2025[6] - Adjusted EBITDA for the quarter was $1.3 million, reflecting the company's focus on cost containment and improved profitability[6] - Total restaurant-level operating profit for the company was $4,251,000 in Q1 2026, compared to $4,395,000 in Q1 2025, reflecting a decline[18] - Adjusted EBITDA for Q1 2026 was $1,261,000, slightly down from $1,262,000 in Q1 2025[21] - Net income attributable to common shareholders was $181,000 in Q1 2026, up from $164,000 in Q1 2025[21] Sales Performance - Same store sales for Bad Daddy's restaurants decreased by 1.2% and for Good Times restaurants decreased by 3.1% compared to the first quarter of fiscal 2025[6] - Bad Daddy's Burger Bar reported restaurant sales of $23,202,000 in Q1 2026, a decrease from $26,078,000 in Q1 2025[18] - Good Times Burgers & Frozen Custard had restaurant sales of $9,171,000 in Q1 2026, down from $9,887,000 in Q1 2025[18] Cost Management - Restaurant operating costs decreased to $29.1 million from $32.6 million in the same quarter of fiscal 2025, driven by improved cost controls[12] - Food and packaging costs for Bad Daddy's Burger Bar were 30.2% of sales in Q1 2026, a slight improvement from 31.5% in Q1 2025[18] - Payroll and benefits costs for Good Times Burgers & Frozen Custard were 35.0% of sales in Q1 2026, down from 36.7% in Q1 2025[18] - Restaurant occupancy costs for Bad Daddy's Burger Bar increased to $1,615,000 in Q1 2026, compared to $1,752,000 in Q1 2025[18] Strategic Initiatives - The company plans to shift to a single monthly food feature strategy at Bad Daddy's to enhance customer engagement and operational efficiency[4] - Good Times has transitioned to a cook-to-order model for burgers, improving product quality without increasing labor costs[4] - The company operates 38 Bad Daddy's restaurants and 30 Good Times locations, with a focus on expanding its market presence[9] Financial Position - Cash and cash equivalents at the end of the quarter were $3.3 million, an increase from $2.6 million at the end of the previous fiscal year[15] - The company ended the quarter with $1.8 million in long-term debt, indicating a stable financial position[6] Reclassification Impact - The company reclassified certain prior year activities, resulting in an increase to restaurant-level operating profit by approximately $0.3 million for Q1 2025[18] Performance Metrics - The company emphasizes that Adjusted EBITDA is a useful measure for assessing operating performance without the effects of non-cash charges[24]